Karteikarten
Payroll and taxes vocabulary: pay, deductions and withholding
Karten in diesem Stapel (26)
- 1ev 1. 1099is on of the IRS tax forms used to prepare and file an information return to report various types of income other than wages, salaries, and tips.(savings accounts, lottery, etc)
- 2ev 2. budget spending plana paper or electronic document used to record planned and actual income through expenditures over a period of time
- 3ev 3. checking accountcash deposited into an account to make future cash purchases or withdraws. Cash purchases can be made by debit card, check, or electronic transfer. Cash can be withdrawn using a debit card or ATM.
- 4ev 4. city withholding taxa percent deducted from individual’s paycheck to assist in funding government agencies within a city.
- 5ev 5. commissionis a percentage or amount of profit given to an employee in exchange for making a sale
- 6ev 6. deductionis an amount of money withheld from the gross pay for taxes, medical benefits, union dues, etc.
- 7ev 7. dependantindividual who relies on someone else for financial support, such a child, a spouse, or elderly parent.
- 8ev 8. direct depositautomatic deposit of net pay to an employee’s bank account.
- 9ev 9. expendituresthe action of spending funds
- 10ev 10. Federal withholding taxthe amount required by law for employers to withhold from earned wages to pay taxes.
- 11ev 11. FICAa payroll tax. FICA stands for Federal Insurance Contributions Act (FICA) tax. This tax is used to fund Medicare and Social Security
- 12ev 12. financial well beingis defined as having financial security and financial freedom of choice, in the present and in the future.
- 13ev 13. fixed expenseexpenses that stay basically the same from month to month, such as rent, transportation, and tuition.
- 14ev 14. Flexible/variable expensespending that changes from month to month, that you have control over.
- 15ev 15. garnishmentsa court-ordered method of debt collection in which a portion of a person's salary is paid to a creditor.
- 16ev 16. Gross Domestic ProductMeasures of the value of all goods and services produced by a nation during a specified period of time.
- 17ev 17. gross paythe entire amount of your income or paycheck before any deductions – like taxes or insurance payments – are subtracted
- 18ev 18. IRSThe U.S. government agency responsible for tax collection and tax law enforcement. Includes income tax forms, instructions, and agency publications.
- 19ev 19. long term goala goal you expect to achieve in five or more years.
- 20ev 20. Mandatory deductionThe employer is required by federal and/or state law to deduct a certain amount of the employee's pay and send it to an institution or governmental agency for the purpose of satisfying the employee's debt, or contribution to the employee's retirement account, or tax withholding.
- 21ev 21. medicares a federal government insurance program designed to provide healthcare coverage for people 65 or older, certain disabled people, and people certain chronic diseases
- 22ev 22. medium term goaltakes 1 to 3 years to achieve.
- 23ev 23. net paythe amount of money left over after all deductions have been taken from the gross pay earned in a pay period.
- 24ev 24. pay periodis the length of time for which an employee’s wages are calculated. Most are weekly, bi-weekly, twice a month, or monthly.
- 25ev 25. periodic expensesexpenses that happen occasionally throughout the year, but not a fixed amount that occur each month. (e.g. car repair, holiday gifts)
- 26ev 26. voluntary deductiondeductions from wages that are withheld from an employee's paycheck that are optional such (child care expenses, optional vision insurance, gym membership, union dues, etc)
Informationen
- Beschreibung
- Karteikarten am Ohne Titel, erstellt von Elijah Vann am 22/08/2022.
- Erstellt von
- Elijah Vann
- Aufrufe
- 2
- Bewertung
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